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INTRODUCTION
ACCOUNTING ADVISING UNDER IFRS (A.A.U.IFRS) It is an accounting office,
whose members have extensive individual experience as accountants or consultants
nationally recognized companies. We are dedicated to providing personalized audit,
accounting, and consulting services, providing timely work quality and efficiency to meet
the needs of our customers and contribute to the generation of added value that our customers
need.
Our main services include:
Development computerized accounting.
Preparation and submission of monthly reports of sales and purchases.
Preparation and submission of monthly reports on payrolls of their workers.
Preparation and submission of monthly reports of income, deductions and
withdrawals from their purchases and sales.
Preparation and submission of monthly or semi-annual statements.
Preparation of financial statements of your company
Our audit and accounting firm integrates five members and is located in the city of Machala
in Junin and Rocafuerte first east.
NAME OF OUR ACCOUNTING OFFICE:
ACCOUNTING ADVISING UNDER IFRS (A.A.U.IFRS.)
LIST THE RESPONSIBILITIES:
RAQUEL PÉREZ VELEZ
ERWIN QUINTERO QUIÑONEZ
Introduction
Source Documents
Vocabulary
Balance Sheet Initial
Accounting Journal
JULISSA BARROS ELIZALDE
MORELIA CAROLINA RAMÍREZ
JESSICA SANMARTIN CEDILLO
General Ledger
Sales report
Trial balance
Income Statement
Balance Sheet
Cash Flow
Calculations
We account for the company:
“PAPER TRAIL OFFICE
SUPPLIES” S.A
DEDICATED: BUYING AND SELLING OFFICE SUPPLIES. TAXPAYER ID: 0796558756001 ADDRESS: JUNIN AND ROCAFUERTE FIRST EAST PHONE: 928250
MANAGER ACCOUNTANT
1. The Trading Company “PAPER TRAIL OFFICE SUPPLIES” S.A with tax payer. N°
0796558756001 started operations in October, 1st , 2015 with the next Balance Sheet #1:
“PAPER TRAIL OFFICE SUPPLIES” S.A
Banlance Sheet Initial
To the 31 of December, 2015
ASSETS
CURRENT ASSETS 19.980,00
Cash-Bank 5.000,00
Accounts receivable 2.000,00
Provision for uncollectible accounts - 20,00
Merchandise Inventory 13.000,00
NON-CURRENT ASSETS 52.800,00
Lands 10.000,00
Buildings 20.000,00
Computing Equipment 2.800,00
Office Formiture 1.000,00
Vehicle 30.000,00
Accumulated Depreciation - 11.000,00
TOTAL ASSETS 72.780,00
LIABILITIES
CURRENT LIABILITIES 14.100,00
Accounts Payable (Providers) 8.500,00
Payrolls Payable 1.000,00
IESS Payable 600,00
Commissions Payable 500,00
Income tax Payable 3.500,00
NOT CURRENT LIABILITIES 10.000,00
Bank Loan 10.000,00
TOTAL LIABILITIES 24.100,00
OWNER’S EQUITY
Capital 38.680,00
Legal Reserve 2000,00
Retained earnings 8000,00
TOTAL OWNER’ EQUITY 48.680,00
TOTAL LIABILITIES + OWNER’S
EQUITY 72.780,00
_______________________ _______________________
2. October, 5 Purchased to MEGA OFFICE SUPPLY, S.A wit Tax Payer N°
0793245647001 the next merchandise and canceled with check # 001-001-00455:
600 Paper Clips a $0,03 either one.
50 Stapler a $18,00 either one.
6 Desk Lamp $30,00 either one.
75 Note Pad $4,00 either one.
15 Cubicle Divider $ 130,00 either one.
10 File Cabinet $90,00 either one.
3. October, 18 Selled in cash the 60% and 40% accounts receivable to period of 30 days
to Juan Perez (Natural Person Required to keep accounting) with Tax Payer N°
0704142356001, the next:
10 desk lamp a $35,00 either one and
5 Cubicle divider $ 150,00 either one
Note: In this sell we must consider that the Price of product include VAT.
4. October, 28 realiced to the company Ramirez S.A, with Tax Payer N° 0796520310001
the next sell in cash:
8 Dry Eraser a $ 3,00 either one, plus VAT.
12 Binder a $ 1,50 either one, plus VAT.
5. October, 31 canceled with check # 001-001-00-456 the salary of the month:
N° NAMES CHARTER CHARGE WORKS
DAYS
SALARY
1 Mario Flores León 0706235689 Accountant 30 1.300,00
2 Wilson Barzallo Espinoza 0102035678 Administrator 30 1.500,00
3 Ana Cedeño Ramírez 0104765324 Secretary 30 354,00
4 Alex Andrade Bueno 0702328326 Head of sales 30 720,00
5 Diego Aucay Salazar 0104356789 Selling 1 30 354,00
6 Javier León Balcazar 0701349977 Selling 2 30 354,00
7 Monica Fajardo Bermeo 0702348976 Assistant service 30 354,00
Note: We must consider the extraordinary hours, overtime, the advances and fees.
The Accountant: 2 extraordinary hours and 3 overtime.
The Administrator: 3 extraordinary hours.
The Head of sales: 2 Overtime hours.
The Mr Javier León B. : have a fee of $ 50,00
The Head of sales gain 0,80% of sales of the month and the sellers gain of comisión
1%.
6. November, 10 Canceled the first share of Bank Loan.
7. November, 22 Canceled $800,00 of Advertising of the company with cash.
8. December, 10 Canceled the second share of Bank Loan and the interest.
9. December 19 Realiced anual Depreciation expense:
DESCRIPTION
NUMBER
PRICE
EITHER
ONE
RESIDUAL
VALUE
YEARS
USEFUL
LIFE
Computing Equipment 2 1.400,00 200,00 4
Land 1 20.000,00 2.400,00 22
Office Fornitures 1 1.000,00 100,00 10
Vehicles 1 30.000,00 5.000,00 5
10. December, 21 The members agree distributed the 70% of the retained earnings.
11. December, 27 Canceled in cash the Basic Services for the month of October and
November $ 300,00. ( CASH)
It´s asked:
Prepare the accounting proccess and all balances of the company.
000000000-567
BILL TO:
ADDRESS: Month Day Year
Taxpayer ID # 0 October 5 2015
QUANTITY TOTAL
600 18,00$
50 900,00$
6 180,00$
75 300,00$
15 1.950,00$
10 900,00$
4.248,00$
-
509,76$
4.757,76$
001-001
UNIT PRICE
0,03$
18,00$
30,00$
“PAPER TRAIL OFFICE SUPPLIES” S.A
4,00$
130,00$
90,00$
TAXPAYER ID #
0793245647001
INVOICE NUMBER
TRUJILLO GARCÍA FERNANDA MATILDE, GRAPHICS IMPRENTTRU RUC: 0704567892001- AUT #10620-12BLOCKS
(100*3)- DATE OF APPROVAL: 3-08-2015- EXPIRES AUGUST 3, 2016
INVOICE DATE
ST. JUNIN AND ROCAFUERTE FIRST EAST
IRS
AUTHO RIZATIO N
#:
116329894
DESCRIPTION
Paper Clips
Stapler
Desk Lamp
Note Pad
Cubicle Divider
MEGA OFFICE SUPPLY, S.A
ADDRESS: Bolivar & Julio Betancourt St.
File Cabinet
SELLER CUSTOMER
MACHALA- EL ORO- ECUADOR
Phone: 928266
SUBTOTAL
DISCOUNT
TAX 12%
TAX 0%
Observations: provides superior products and customer
service.
BALANCE DUE
796558756001
OR
IGIN
AL
: C
LIE
NT
/ C
OP
Y 1
: IS
SU
ER
/ C
OP
Y 2
: N
O T
AX
VA
LU
E
Year
Address: 2015
TAXPAYER ID # 0
TAX TIEBACK
$ 42,48
42,48
SIGNATURE RETENTION AGENT
TOTAL RETAINED
Angel Bolivar Carlos Mora / Printing Bolivar RUC . 1709876543001 , Aut 1059 1
100x2 Block No. 400 to 500 , Date of Approval: 01/01/2016 Valid until
01/01/2017 for issueTAXPAYER
2015 $ 4.248,00 INCOME TAX 312 1%
IRS Authorization #:116329894
FISCAL EXERCISE TAXABLE TAX CODE % RETENTION
Ori
gin
al:
Taxp
aye
r H
eld
, C
op
y :
Age
nt
Re
ten
tio
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WITHHOLDINGNUMBER: 001-003-00567
MEGA OFFICE SUPPLY, S.A
Bol ivar & Jul io Betancourt St.
“PAPER TRAIL OFFICE SUPPLIES” S.A
793245647001
001-001-000000000-567Invoice
October 5, 2015
IRS AUTHORIZATION #: 1109984321
Name or social reason: Month Day
TAXPAYER ID #: 0796558756001
Type receipt of purchase: Receipt of purchase #:
Date of issue:
October 5
Balance: $ 5.000,00
Deposit: $ 3.000,00
Total $ 8.000,00
Check $ 4.715,28
Balance $ 3.284,72 Not invade the area with calligraphic traits or seals
Bank Machala
Machala, October 5,2015
City
$ 4.715,28
The sum of: FOUR THOUSAND SEVEN HUNDRED FIFTEEN
DOLLARS WITH TWENTY -EIGHT CENTS
Asignature
Current Account: 2205728901
Check Nº 001-001-00455
Pay to the: MEGA OFFICE SUPPLY, S.A
Check Nº: 001-001-00455
Date: October 5, 2015
To: MEGA OFFICE SUPPLY,
S.A
000000000-001
BILL TO:
ADDRESS: Guayas e/ Sucre and 25 de Junio Month Day Year
Taxpayer ID # 0 October 18 2015
QUANTITY TOTAL
10 312,50$
5 669,64$
982,14$
-117,86$
1.100,00$
Cubicle Divider 133,93$
DISCOUNT
TAX 12%
TAX 0%
BALANCE DUE
SELLER CUSTOMER
TRUJILLO GARCÍA FERNANDA MATILDE, GRAPHICS IMPRENTTRU RUC: 0704567892001- AUT #10620-12BLOCKS
(100*3)- DATE OF APPROVAL: 3-11-2015- EXPIRES NOVEMBER 3, 2016
704142356001
DESCRIPTION UNIT PRICE
Desk Lamp 31,21$
“PAPER TRAIL OFFICE SUPPLIES” S.A TAXPAYER ID #
0796558756001
ADDRESS: JUNIN AND ROCAFUERTE FIRST EAST INVOICE NUMBER
Phone: 928250 001-001
MACHALA- EL ORO- ECUADOR
IRS
AUTHO RIZATIO N
#:
354675689
JUAN PÉREZ INVOICE DATE
Observations: provides superior products and customer
service.
SUBTOTAL
OR
IGIN
AL
: C
LIE
NT
/ C
OP
Y 1
: IS
SU
ER
/ C
OP
Y 2
: N
O T
AX
VA
LU
E
Year
Address: 2015
TAXPAYER ID # 0
TAX TIEBACK
$ 9,82
9,82
Month Day
October 18
% RETENTION
1%2015 $ 982,14 INCOME TAX 312
Angel Bolivar Carlos Mora / Printing Bolivar RUC . 1709876543001 , Aut 1059 1
100x2 Block No. 400 to 500 , Date of Approval: 01/01/2016 Valid until
01/01/2017 for issue
TOTAL RETAINED
Sr. JUAN PÉREZ VÉLEZ
(NATURAL PERSON WITH ACCOUNTING)
TAXPAYER ID #:0704142356001
NUMBER: 001-003-00867
IRS AUTHORIZATION #: 1109984076
Ori
gin
al:
Taxp
aye
r H
eld
, C
op
y :
Age
nt
Re
ten
tio
n
WITHHOLDING
Name or social reason: “PAPER TRAIL OFFICE SUPPLIES” S.A
JUNIN AND ROCAFUERTE FIRST EAST
796558756001
Type receipt of purchase: Invoice Receipt of purchase #: 001-001-000000000-001
IRS Authorization #:354675689 Date of issue: October 18, 2015
FISCAL EXERCISE TAXABLE TAX CODE
SIGNATURE RETENTION AGENT TAXPAYER
Nº 436,07$
CITY: DATE:
TO: Juan Pérez Vélez
ORDER OF: “Paper trail
office supplies S.A "
ADDRESS:Junin and
Rocafuerte First East
EXPIRES: Novembre 18,
2015
BILL OF EXCHANGE 54698 FOR US:Nº: 54698
FOR US: $ 436,07
CITY: Machala
DATE: October 18,2015
Avoid filing for acceptance and payment, as well as notices for lack of these facts
PHONE: 942556
CITY: Machala
ATTENTIVELY
TO: JUAN PÉREZ VÉLEZ
ADDRESS: Guayas e/ Sucre and 25 de Junio
Machala EXPIRES:
It must pay unconditionally in this place to thirty days of acceptance for this BILL OF EXCHANGE
, to order “PAPER TRAIL OFFICE SUPPLIES” S.A . The amount of four hundred thirty-six
dollars and seven cents, plus interest of 1.5% annually, and arrears 0,5 % annum swithout
protest.
November 18,2015October 18,2015
000000000-002
BILL TO:
ADDRESS: Bolivar e/ Junin and 25 de Junio Month Day Year
Taxpayer ID # 0 October 28 2015
QUANTITY TOTAL
8 24,00$
12 18,00$
42,00$
-5,04$
47,04$
“PAPER TRAIL OFFICE SUPPLIES” S.A TAXPAYER ID #
0796558756001
ADDRESS: JUNIN AND ROCAFUERTE FIRST EAST INVOICE NUMBER
Phone: 928250 001-001
MACHALA- EL ORO- ECUADOR
IRS
AUTHO RIZATIO N
#: 354674323
COMPANY RAMÍREZ S.A. INVOICE DATE
Binder 1,50$
796520310001
DESCRIPTION UNIT PRICE
Dry Eraser 3,00$
SELLER CUSTOMER
TRUJILLO GARCÍA FERNANDA MATILDE, GRAPHICS IMPRENTTRU RUC: 0704567892001- AUT #10620-12BLOCKS
(100*3)- DATE OF APPROVAL: 3-11-2015- EXPIRES NOVEMBER 3, 2016
Observations: provides superior products and customer
service.
SUBTOTAL
DISCOUNT
TAX 12%
TAX 0%
BALANCE DUE
OR
IGIN
AL
: C
LIE
NT
/ C
OP
Y 1
: IS
SU
ER
/ C
OP
Y 2
: N
O T
AX
VA
LU
E
Year
Address: 2015
TAXPAYER ID # 0
TAX TIEBACK
$ 0,42
0,42
SIGNATURE RETENTION AGENT TAXPAYER
TOTAL RETAINED
Angel Bolivar Carlos Mora / Printing Bolivar RUC . 1709876543001 , Aut 1059 1
100x2 Block No. 400 to 500 , Date of Approval: 01/01/2016 Valid until
01/01/2017 for issue
FISCAL EXERCISE TAXABLE TAX CODE % RETENTION
2015 $ 42,00 INCOME TAX 312 1%
Type receipt of purchase: Invoice Receipt of purchase #: 001-001-000000000-002
IRS Authorization #:354674323 Date of issue: October 28, 2015
Ori
gin
al:
Taxp
aye
r H
eld
, C
op
y :
Age
nt
Re
ten
tio
n
WITHHOLDINGNUMBER: 001-002-00867
IRS AUTHORIZATION #: 1109765321
Name or social reason: “PAPER TRAIL OFFICE SUPPLIES” S.A Month Day
JUNIN AND ROCAFUERTE FIRST EAST October 28
796558756001
COMPANY RAMÍREZ S.A.
TAXPAYER ID #:0796520310001
Nº Names and Surnames CHARTER CHARGE W\D SALARYEXTRA
HOURSOVERTIME COM. TOTAL INCOME
CONTRIB.
TOL IESS ADVANCE
INCOME
TAX
TOTAL
REVENUESNET TO PAY
1 Mario Flores León 0706235689 Accountant 30 $ 1.300,00 21,67$ 24,39$ $ 1.346,06 $ 127,20 $ 32,27 $ 159,47 $ 1.186,59
2 Wilson Barzallo E. 102035678 Administor 30 $ 1.500,00 37,50$ $ 1.537,50 $ 145,29 $ 53,48 $ 198,77 $ 1.338,73
3 Ana Cedeño Ramírez 104765324 Secretary 30 $ 354,00 $ 354,00 $ 33,45 $ 33,45 $ 320,55
4 Alex Andrade Bueno 0702328326 Head of sales 30 $ 720,00 9,00$ 8,19$ $ 737,19 $ 69,66 $ 69,66 $ 667,53
5 Diego Aucay Salazar 104356789 Selling 1 30 $ 354,00 10,24$ $ 364,24 $ 34,42 $ 34,42 $ 329,82
6 Javier León Balcazar 0701349977 Selling 2 30 $ 354,00 10,24$ $ 364,24 $ 34,42 $ 50,00 $ 84,42 $ 279,82
7 Monica Fajardo B. 0702348976 Assist. service 30 $ 354,00 10,24$ $ 364,24 $ 34,42 $ 34,42 $ 329,82
$ 4.936,00 $ 59,17 $ 33,39 $ 38,91 $ 5.067,47 $ 478,88 $ 50,00 $ 85,75 $ 614,63 $ 4.452,84 TOTAL
“PAPER TRAIL OFFICE SUPPLIES” S.A
MANAGER ACCOUNTANT
TAXPAYER ID #: 0796558756001
PAYROLL
Nº Names and Surnames CHARGE W/ DAYS TOTAL INCOME XIII SALARY XIV SALARY HOLIDAYS RESERVE FUNDEMPLOYER
CONTRIB.TOTAL
1 Mario Flores León Accountant 121 6.500,00$ 2.184,72$ 123,02$ 270,83$ 541,45$ 789,75$ 3.909,77$
2 Wilson Barzallo E. Administor 83 4.500,00$ 1.037,50$ 84,38$ 187,50$ 374,85$ 546,75$ 2.230,98$
3 Ana Cedeño Ramírez Secretary 45 1.880,00$ 235,00$ 45,75$ 78,33$ 156,60$ 228,42$ 744,11$
4 Alex Andrade Bueno Head of sales 67 940,00$ 174,94$ 68,12$ 39,17$ 78,30$ 114,21$ 474,74$
5 Diego Aucay Salazar Selling 1 48 620,00$ 82,67$ 48,80$ 25,83$ 51,65$ 75,33$ 284,28$
6 Javier León Balcazar Selling 2 41 1.750,00$ 199,31$ 41,68$ 72,92$ 145,78$ 212,63$ 672,31$
7 Monica Fajardo B. Assist,service 53 366,00$ 53,88$ 53,88$ 15,25$ 30,49$ 44,47$ 197,97$
TOTAL $ 16.556,00 $ 3.968,02 $ 465,63 $ 689,83 $ 1.379,11 $ 2.011,55 $ 8.514,16
“PAPER TRAIL OFFICE SUPPLIES” S.A
MANAGER ACCOUNTANT
TAXPAYER ID #: 0796558756001
TABLE OF PROVISIONSTO DECEMBER 31
Balance: $ 3.284,72
Deposit: $ 6.436,85
Total $ 8.000,00
Check $ 6.436,85
Balance $ 1.563,15
Check Nº: 001-001-00456
Bank Machala
Current Account: 2205728901
Date: October 31 , 2015 Check Nº 001-001-0046
To: EMPLOYERS $ 12.967,00
Not invade the area with calligraphic traits or seals
Pay to the: workers
The sum of: TWELVE THOUSAND NINE HUNDRED SIXTY-
SEVEN DOLLARS WITH ZERO CENTS
Machala, October 31,2015
City Asignature
MANAGER ACCOUNTANT
“PAPER TRAIL OFFICE SUPPLIES” S.A
Balance Sheet Initial
To the 31 of December, 2015
ASSETS
CURRENT ASSETS 23.980,00
Bank
Cash
12.000,00
8.000,00
Accounts receivable 2.000,00
Provision for uncollectible accounts - 20,00
Merchandise Inventory 2.000,00
NON-CURRENT ASSETS 48.800,00
Lands 10.000,00
Buildings 20.000,00
Computing Equipment 2.800,00
Office Formiture 1.000,00
Vehicle 22.000,00
Accumulated Depreciation - 7.000,00
TOTAL ASSETS ______72.780,00____
LIABILITIES
CURRENT LIABILITIES 14.100,00
Accounts Payable (Providers) 8.500,00
Payrolls Payable 1.000,00
IESS Payable 600,00
Commissions Payable 500,00
Income tax Payable 3.500,00
NOT CURRENT LIABILITIES 10.000,00
Bank Loan 10.000,00
TOTAL LIABILITIES 24.100,00
OWNER’S EQUITY
Capital 38.680,00
Legal Reserve 2000,00
Retained earnings 8000,00
TOTAL OWNER’ EQUITY 48.680,00
TOTAL LIABILITIES + OWNER’S
EQUITY 72.780,00
_______________________ ____________________
“PAPER TRAIL OFFICE SUPPLIES” S.A
TAXPAYER ID #: 0796558756001
OCTOBER 01 TO DECEMBER 31, 2015 FOLIO N° 1
FOLIO N°_____01_____
DATE DETAIL PARTIAL DEBIT HAVINGS
October, 1 -1-
Bank 5.000,00 12.000,00
Cash 8.000,00
Accounts receivable 2.000,00 2.000,00
Provision for uncollectible accounts - 20,00 ( 20,00)
Merchandise Inventory 13.000,00 2.000,00
Lands 10.000,00 10.000,00
Buildings 20.000,00 20.000,00
Computing Equipment 2.800,00 2.800,00
Office Formiture 1.000,00 1.000,00
Vehicle 30.000,00 22.000,00
Accumulated Depreciation 11.000,00 ( 7.000,00)
Accounts Payable (Providers) 8.500,00
Payrolls Payable 1.000,00
IESS Payable 600,00
Commissions Payable 500,00
Income tax Payable 3.500,00
Bank Loan 10.000,00
Capital 38.680,00
Legal Reserve 2000,00
Retained earnings 8000,00
To register its initial situation
October, 5 -2-
PURCHASE 4.248,00
Purchase rate 12% 4.248,00
VAT PAID 509,76
OBLIGATIONS WITH THE TAX ADMINISTRATION 42,48
Income tax withholding 42,48
BANK 4.715,28
Bank of Machala 4.715,28
To register Purchased to Mega Office Supply.
October, 18 -3-
CASH 654,11
BILL OF EXCHANGE 436,07
OBLIGATIONS WITH THE TAX ADMINISTRATION 9,82
Income tax withholding 9,82
SALE 982,14
Sale rate 12% 982,14
VAT PAID 117,86
Vat paid rate 12% 117,86
To register Salled to Juan Pérez
PASS 78.637,76 78.637,76
“PAPER TRAIL OFFICE SUPPLIES” S.A
TAXPAYER ID #: 0796558756001
OCTOBER 01 TO DECEMBER 31, 2015 FOLIO N° 2
FOLIO N°_____01_____
DATE DETAIL PARTIAL DEBIT HAVINGS
COME 78.637,76 78.637,76
October, 28 -4-
CASH 46,62
OBLIGATIONS WITH THE TAX ADMINISTRATION 0,42
Income tax withholding 0,42
SALE 42,00
Sale rate 12% 42,00
VAT PAID 5,04
Vat paid rate 12% 5,04
To register selled to Company RAMIREZ S.A
October, 31 -5-
PRODUCTION PAYROLL 4.452,84
INCOME 5.067,47
Salaries Payable 4936,00
Extra Hours 59,17
Overtimes 33,39
Commissions 38,91
REVENUES (614,63)
Employees Contribution to IESS 9,45% 478,88
Advance 50,00
Income tax 85,75
SOCIAL BENEFITS PAYABLE 8.514,16
XIII Salary 3.968,02
XIV Salary 465,63
Holidays 689,83
Reserve fund 1.379,13
Employer contribution 2.011,55
BANK 12.967,00
Bank of Machala 12.967,00
To register Payroll and table of provisions.
November, 10 -6-
BANK LOAN 833,33
INTEREST 116.67
CASH 950,00
To register payment the first share of Bank Loan.
November, 22 -7-
ADVERTISING 800,00
CASH 800,00
To register payment of Advertising of the company.
PASS 93.401,80 93.401,80
“PAPER TRAIL OFFICE SUPPLIES” S.A
TAXPAYER ID #: 0796558756001
OCTOBER 01 TO DECEMBER 31, 2015 FOLIO N° 3
FOLIO N°_____01_____
DATE DETAIL PARTIAL DEBIT HAVINGS
COME 93.401,80 93.401,80
December, 10 -8-
BANK LOAN 833,33
INTEREST 106,94
CASH 940,27
To register payment the second share of Bank Loan.
December, 19 -9-
DEPRECIATION OF PPyE 6.200,00
Computing Equipment 300,00
Land 800,00
Oficce fornitures 100,00
Vehicles 5.000,00
ACCUMULATED DEPRECIATION OF PPyE. 6.200,00
To register anual Depreciation of PPy E.
December, 21 -10-
RETAINED EARNINGS 5.600,00
Shareholders 5.600,00
CASH 5.600,00
To register distributed of the retained earnings.
December, 27 -11-
BASIC SERVICES 300,00
CASH 300,00
To register payment the Basic Services for the month of October and November
TOTAL 106.442,07 106.442,07
MANAGER ACCOUNTANT
_______________________ ___________________
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: BANK
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 12.000,00 $ 12.000,00
October, 5 To register Purchased to Mega Office
Supply. 2 $ 4.715,28 $ 7.284,72
October, 31 To register Payroll and table of provisions. 5 $ 12.967,00 $ (5.682,28)
TOTAL $ 12.000,00 $ 17.682,28 $ (5.682,28)
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Accounts receivable
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 2.000,00 $ 2.000,00
TOTAL $ 2.000,00 $ - $ 2.000,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Provision for uncollectible accounts
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 20,00 $ 20,00
TOTAL $ 20,00 $ - $ 20,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Merchandise Inventory
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 2.000,00 $ 2.000,00
TOTAL $ 2.000,00 $ - $ 2.000,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Lands
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 10.000,00 $ 10.000,00
TOTAL $ 10.000,00 $ - $ 10.000,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Buildings
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 20.000,00 $ 20.000,00
TOTAL $ 20.000,00 $ - $ 20.000,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Computing Equipment
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 2.800,00 $ 2.800,00
TOTAL $ 2.800,00 $ - $ 2.800,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Office Formiture
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 1.000,00 $ 1.000,00
TOTAL $ 1.000,00 $ - $ 1.000,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Vehicle
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 22.000,00 $ 22.000,00
TOTAL $ 22.000,00 $ - $ 22.000,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Accumulated Depreciation
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 7.000,00 $ 7.000,00
December, 19 To register anual Depreciation of PPy E. 9 $ 6.200,00 $ 800,00
TOTAL $ 7.000,00 $ 6.200,00 $ 800,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Accounts Payable (Providers)
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 8.500,00 $ 8.500,00
TOTAL $ - $ 8.500,00 $ 8.500,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Payrolls Payable
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 1.000,00 $ 1.000,00
TOTAL $ - $ 1.000,00 $ 1.000,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: IESS Payable
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 600,00 $ 600,00
TOTAL $ - $ 600,00 $ 600,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Commissions Payable
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 500,00 $ 500,00
TOTAL $ - $ 500,00 $ 500,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Income tax Payable
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 3.500,00 $ 3.500,00
TOTAL $ - $ 3.500,00 $ 3.500,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT:Bank Loan
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 10.000,00 $ 10.000,00
November, 10 To register payment the first share of Bank Loan. 6 $ 833,33 $ 9.166,67
December,10 To register payment the second share of Bank Loan. 8 $ 833,33 $ 8.333,34
TOTAL $ 1.666,66 $ 10.000,00 $ 8.333,34
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Capital
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 38.680,00 $ 38.680,00
TOTAL $ - $ 38.680,00 $ 38.680,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Legal Reserve
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 2.000,00 $ 2.000,00
TOTAL $ - $ 2.000,00 $ 2.000,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: Retained earnings
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 8.000,00 $ 8.000,00
December, 21 To register distributed of the retained earnings. 10 $ 5.600,00 $ 2.400,00
TOTAL $ 5.600,00 $ 8.000,00 $ 2.400,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: PURCHASE
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 5 To register Purchased to Mega Office Supply. 2 $ 4.248,00 $ 4.248,00
TOTAL $ 4.248,00 $ - $ 4.248,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: VAT CHARGED
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 18 To register Salled to Juan Pérez 3 $ 117,86 $ 117,86
October, 28 To register selled to Company RAMIREZ S.A 4 $ 5,04 $ 122,90
TOTAL $ - $ 122,90 $ 122,90
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: OBLIGATIONS WITH THE TAX ADMINISTRATION
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 5 To register Purchased to Mega Office Supply. 2 $ 42,48 $ 42,48
October, 18 To register Salled to Juan Pérez 3 $ 9,82 $ 32,66
October, 28 To register selled to Company RAMIREZ S.A 4 $ 0,42 $ 32,24
TOTAL $ 10,24 $ 42,48 $ 32,24
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: CASH DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 1 To register its initial situation 1 $ 8.000,00 $ 8.000,00
October, 18 To register Salled to Juan Pérez 3 $ 654,11 $ 8.654,11
October, 28 To register selled to Company RAMIREZ S.A 4 $ 46,62 $ 8.700,73
November, 10 To register payment the first share of Bank Loan. 6 $ 950,00 $ 7.750,73
November, 22 To register payment of Advertising of the company. 7 $ 800,00 $ 6.950,73
December,10 To register payment the second share of Bank Loan. 8 $ 940,27 $ 6.010,46
December, 21 To register distributed of the retained earnings. 10 $ 5.600,00 $ 410,46
December, 27 To register payment the Basic Services for the month of October and November
11 $ 300,00 $ 110,46
TOTAL $ 8.700,73 $ 8.590,27 $ 110,46
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: BILL OF EXCHANGE
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 18 To register Salled to Juan Pérez 3 $ 436,07 $ 436,07
TOTAL $ 436,07 $ - $ 436,07
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: SALE
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 18 To register Salled to Juan Pérez 3 $ 982,14 $ 982,14
October, 28 To register selled to Company RAMIREZ S.A 4 $ 42,00 $ 1.024,14
TOTAL $ - $ 1.024,14 $ 1.024,14
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: PRODUCTION PAYROLL
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 31 To register Payroll and table of provisions. 5 $ 4.452,84 $ - $ 4.452,84
TOTAL $ 4.452,84 $ - $ 4.452,84
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: SOCIAL BENEFITS PAYABLE
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 31 To register Payroll and table of provisions. 5 $ 8.514,16 $ 8.514,16
TOTAL $ 8.514,16 $ 8.514,16
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: INTEREST
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
November, 10 To register payment the first share of Bank Loan. 6 $ 116,67 $ 116,67
December,10 To register payment the second share of Bank Loan. 8 $ 106,94 $ 223,61
TOTAL $ 223,61 $ - $ 223,61
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: ADVERTISING
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
November, 22 To register payment of Advertising of the company. 7 $ 800,00 $ 800,00
TOTAL $ 800,00 $ - $ 800,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: VAT PAID
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
October, 5 To register Purchased to Mega Office Supply. 2 $ 509,76 $ 509,76
TOTAL $ 509,76 $ - $ 509,76
MANAGER ACCOUNTANT
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: DEPRECIATION OF PPyE
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
December, 19 To register anual Depreciation of PPy E. 9 $ 6.200,00 $ 6.200,00
TOTAL $ 6.200,00 $ - $ 6.200,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
GENERAL LEDGER
OCTOBER 01 TO DECEMBER 31, 2015
ACCOUNT: BASIC SERVICES
DATE DETAIL REFERENCE DEBIT CREDIT BALANCE
December, 27 To register payment the Basic Services for the month of October and November
11 $ 300,00 $ 300,00
TOTAL $ 300,00 $ - $ 300,00
“PAPER TRAIL OFFICE SUPPLIES” S.A
TAXPAYER ID #: 0796558756001
SALES REPORT
FROM JANUARY 01 TO DECEMBER 31, 2015
FOLIO N°_____01_____
MANAGER ACCOUNTANT
"OFFICE PAPER TRAIL" S.A made business sales report of 2015, with the following
details
January sales decreased due to previous editions. In February and March in the region
Costa is the beginning of the school year in schools and colleges; Therefore, sales of
school supplies increased.
Classes begin in April, therefore, sales of school supplies continued to increase and
therefore in sales in May and June to find sales stabilized.
In July and August sales, profits fell sharply due to goods detained by customs. In
September and October sales decreased due to the regeneration of the local streets
where they are located.
In November and December sales increased due to the season reasonably start classes
in the Sierra region.
0,00
10.000,00
20.000,00
30.000,00
40.000,00
50.000,00
60.000,00
SALES REPORT
“PAPER TRAIL OFFICE SUPPLIES” S.A
TAXPAYER ID #: 0796558756001
TRIAL BALANCE
OCTOBER 01 TO DECEMBER 31, 2015
FOLIO N°_____01_____
MANAGER ACCOUNTANT
N° DETAIL SUMS BALANCES
DEBIT HAVINGS DEBIT CREDIT
1 Bank $ 12.000,00 $ 17.682,00 $ 5.682,00
2 Cash $ 8.700,73 $ 8.590,27 $ 110,46
3 Accounts receivable $ 2.000,00 $ - $ 2.000,00
4 Provision for uncollectible accounts
$ (20,00) $ - $ (20,00)
5 Merchandise Inventory $ 2.000,00 $ - $ 2.000,00
6 Lands $ 10.000,00 $ - $ 10.000,00
7 Buildings $ 18.000,00 $ - $ 18.000,00
8 Computing Equipment $ 1.800,00 $ - $ 1.800,00
9 Office Formiture $ 1.000,00 $ - $ 1.000,00
10 Vehicle $ 20.000,00 $ - $ 20.000,00
11 Accumulated Depreciation $ 7.000,00 $ 6.200,00 $ 800,00
12 Accounts Payable (Providers) $ - $ 8.500,00 $ 8.500,00
13 Payrolls Payable $ - $ 1.000,00 $ 1.000,00
14 IESS Payable $ - $ 600,00 $ 600,00
15 Commissions Payable $ - $ 500,00 $ 500,00
16 Income tax Payable $ - $ 3.500,00 $ 3.500,00
17 Bank Loan $ 1.666,66 $ 10.000,00 $ 8.333,34
18 Capital $ - $ 38.680,00 $ 38.680,00
19 Legal Reserve $ - $ 2.000,00 $ 2.000,00
20 Retained earnings $ 5.600,00 $ 8.000,00 $ 2.400,00
21 Purchase $ 2.658,00 $ - $ 2.658,00
22 VAT charged $ 122,90 $ 122,90
23 VAT paid $ 509,76 $ - $ 509,76
24 Obligations with the tax administration (1%)
$ 10,24 $ 42,76 $ 32,52
25 Bill of exchange $ 436,07 $ - $ 436,07
26 Sale $ - $ 1.024,14 $ 1.024,14
27 Production Payroll $ 3.642,84 $ 3.642,84
28 Social Benefits payable $ 8.214,16 $ 8.514,16
29 Interest $ 123,61 $ 123,61
30 Advertising $ 800,00 $ 800,00
32 Basic Services $ 300,00 $ - $ 300,00
TOTAL $ 106.442,07 $ 106.442,07 $ 72.674,90 $ 72.374,90
“PAPER TRAIL OFFICE SUPPLIES” S.A
TAXPAYER ID #: 0796558756001
INCOME STATEMENTS
OCTOBER 01 TO DECEMBER 31, 2015
MANAGER ACCOUNTANT
“PAPER TRAIL OFFICE SUPPLIES” S.A
TAXPAYER ID #: 0796558756001
BALANCE SHEET
OCTOBER 01 TO DECEMBER 31, 2015
FOLIO N°_____01_____
MANAGER ACCOUNTANT
“PAPER TRAIL OFFICE SUPPLIES” S.A
TAXPAYER ID #: 0796558756001
CASH FLOW STATEMENTS
OCTOBER 01 TO DECEMBER 31, 2015
MANAGER ACCOUNTANT
CASH FLOW FROM OPERATIONS
CASH GENERATED FROM SALES
100.000,00
PAYMENTS TO SUPPLIERS AND EMPLOYEES
(50.000,00)
PAYMENTS ON DEBTS
(10.000,00)
PAYMENT ON TAXES
(7.000,00)
NET CASH FLOW FROM OPERATING ACTIVITIES
33.000,00
CASH FLOW FROM INVESTING
PAYMENTS FOR NEW INVESTMENTS
(7.000,00)
DIVIDENDS RECEIVED
4.000,00
NET CASH FLOW FROM INVESTING
(3.000,00)
CASH FLOW FROM FINANCING
DEBT INCREASES
4.000,00
DIVIDENDS PAID TO STOCKHOLDERS
(8.000,00)
NET CASH FLOW FROM FINANCING ACTIVITIES
(4.000,00)
NET CASH FLOW
3.000,00
CASH BALANCE, BEGINNING OF YEAR
300000,00
CASH BALANCE, END OF YEAR
330000,00
CALCULATIONS
OCTOBER, 5
600 * 0,03 = 18,00
50 * 18,00 = 900,00
6 * 30,00 = 180,00
75 * 4,00 = 300,00
15 *130,00= 1950,00
10 * 90,00 = 900,00
4248,00 Purchase rate 12%
+ 509,76 V.A.T. 12%
4757,76
- 42,48 Income tax withholding
- 4715,28 Bank
OCTOBER, 18
10 * 35,00 = 350,00
5 * 150,00 = 750,00
982,14 Sale (Mr . Juan Pérez)
+ 117,86 V.A.T. 12%
1100,00
- 9,82 Income tax withholding
1090,18 60% = 654,11 Cash
40% = 436,07 Accounts receivable
OCTOBER, 28
8 * 3,00 = 24,00
12 * 1,50 = 18,00
42,00 Sale (Ramirez Company)
+ 5,04
47,04
- 0,42 Income tax withholding
46,62 Cash
OCTOBER, 31
CHARGE HOURS
ACCOUNTANT
2 EXTRAORDINARY
3 OVERTIME
ADMINISTRATOR
3 EXTRAORDINARY
HEAD OF SALES
2 OVERTIME
Accountant
1300,00 / 240 = 5,42 * 2 = 10,83
x 2
21,67 EXTRAORDINARY
1300,00 / 240 = 5,42 * 1,5 = 8,13
x 3
24,39 OVERTIME
Administrator
1500,00 / 240 = 6,25 * 2 = 12,50
x 3
37,50 EXTRAORDINARY
Head of Sales
720,00 / 240 = 3 * 1,5 = 4,50
x 2
9,00 OVERTIME
Commissions
Head of Sales 0,80 %= 8,19
1024,14
Selling 1% = 10,24
Income tax
Mario Flores León (accountant)
1346,06 x 12= 16.152,72 - 13.770,00= 2.382,72 x 10%=238,27 + 149,00= 387,20/12= 32,27
Wilson Barzallo Espinoza ( Administrator)
1537,50 x 12= 18.450,00 – 17.210,00 = 1.240,00 x 12% = 148,80 + 493,00 = 641,80/12=
53,48
NOVEMBER, 10 Canceled the first share of Bank Loan.
NOVEMBER, 22 Canceled $800,00 of Advertising of the company with cash.
DECEMBER, 10 Canceled the second share of Bank Loan and the interest.
N° CAPITAL INTEREST T.DIVIDENDS BALANCE
10.000,00$
1 833,33$ 116,67$ 950,00$ 9.166,67$
2 833,33$ 106,94$ 940,28$ 8.333,33$
3 833,33$ 97,22$ 930,56$ 7.500,00$
4 833,33$ 87,50$ 920,83$ 6.666,67$
5 833,33$ 77,78$ 911,11$ 5.833,33$
6 833,33$ 68,06$ 901,39$ 5.000,00$
7 833,33$ 58,33$ 891,67$ 4.166,67$
8 833,33$ 48,61$ 881,94$ 3.333,33$
9 833,33$ 38,89$ 872,22$ 2.500,00$
10 833,33$ 29,17$ 862,50$ 1.666,67$
11 833,33$ 19,44$ 852,78$ 833,33$
12 833,33$ 9,72$ 843,06$ -$
AMORTIZATION SCHEDULE
N° CAPITAL INTEREST T.DIVIDENDS BALANCE
10.000,00$
1 833,33$ 116,67$ 950,00$ 9.166,67$
2 833,33$ 106,94$ 940,28$ 8.333,33$
3 833,33$ 97,22$ 930,56$ 7.500,00$
4 833,33$ 87,50$ 920,83$ 6.666,67$
5 833,33$ 77,78$ 911,11$ 5.833,33$
6 833,33$ 68,06$ 901,39$ 5.000,00$
7 833,33$ 58,33$ 891,67$ 4.166,67$
8 833,33$ 48,61$ 881,94$ 3.333,33$
9 833,33$ 38,89$ 872,22$ 2.500,00$
10 833,33$ 29,17$ 862,50$ 1.666,67$
11 833,33$ 19,44$ 852,78$ 833,33$
12 833,33$ 9,72$ 843,06$ -$
AMORTIZATION SCHEDULE
DECEMBER 19 Realiced anual Depreciation expense:
ANUAL DEPRESCATION
EXPENSE
Description: Computing Equipment
Unit Price: 1400,00
Residual Value: 200,00
Value to depreciate: 1200,00
Years Useful Life: 4
YEARS
ANNUAL
DEPRECIATION
ACCUMULATED
DEPECIATION
VALUE IN BOOKS
0 1400,00
1 300,00 300,00 1100,00
2 300,00 600,00 800,00
3 300,00 900,00 500,00
4 300,00 1200,00 200,00
Description: Land
Unit Price: 20000,00
Residual Value: 2400,00
Value to depreciate: 17600,00
Years Useful Life: 22
YEARS
ANNUAL
DEPRECIATION
ACCUMULATED
DEPECIATION
VALUE IN BOOKS
0 20000,00
1 800,00 800,00 19.200,00
2 800,00 1.600,00 18.400,00
3 800,00 2.400,00 17.600,00
4 800,00 3.200,00 16.800,00
5 800,00 4.000,00 16.000,00
6 800,00 4.800,00 15.200,00
7 800,00 5.600,00 14.400,00
8 800,00 6.400,00 13.600,00
9 800,00 7.200,00 12.800,00
10 800,00 8.000,00 12.000,00
11 800,00 8.800,00 11.200,00
12 800,00 9.600,00 10.400,00
13 800,00 10.400,00 9.600,00
14 800,00 11.200,00 8.800,00
15 800,00 12.000,00 8.000,00
16 800,00 12.800,00 7.200,00
17 800,00 13.600,00 6.400,00
18 800,00 14.400,00 5.600,00
19 800,00 15.200,00 4.800,00
20 800,00 16.000,00 4.000,00
21 800,00 16.800,00 3.200,00
22 800,00 17.600,00 2.400,00
Description: Ofice Fornitures
Unit Price: 1000,00
Residual Value: 100,00
Value to depreciate: 900,00
Years Useful Life: 9
YEARS
ANNUAL
DEPRECIATION
ACCUMULATED
DEPECIATION
VALUE IN BOOKS
0 1000,00
1 100,00 100,00 900,00
2 100,00 200,00 800,00
3 100,00 300,00 700,00
4 100,00 400,00 600,00
5 100,00 500,00 500,00
6 100,00 600,00 400,00
7 100,00 700,00 300,00
8 100,00 800,00 200,00
9 100,00 900,00 100,00
Description: Vehicles
Unit Price: 30000,00
Residual Value: 5000,00
Value to depreciate: 25000,00
Years Useful Life: 5
YEARS
ANNUAL
DEPRECIATION
ACCUMULATED
DEPECIATION
VALUE IN BOOKS
0 5000,00 30000,00
1 5000,00 5000,00 25000,00
2 5000,00 10000,00 20000,00
3 5000,00 15000,00 15000,00
4 5000,00 20000,00 10000,00
5 5000,00 25000,00 5000,00
DECEMBER, 21 The members agree distributed the 70% of the retained earnings
RETAINED EARNINGS
$8.000,00 X 70%= $ 5.600,00
.
DECEMBER, 27 Canceled in cash the Basic Services for the month of October
and November $ 300,00. ( CASH)
BASIC SERVICES
$ 300,00
VOCABULARY
ASSETS: An asset is an asset that the company owns and can converters in cash or cash
equivalents.
Cash: It is the liquid element owned by the company, that is, it is money. The
company uses this cash to meet its immediate obligations
Accounts Receivable: It is where increases and cuts linked to the sale of different
concepts to products or services are recorded. This account consists of bills of
exchange, credit and promissory notes in favor of the company.
Inventory: They are tangible assets that are held for sale in the ordinary course of
business or to be consumed in the production of goods or services for further
marketing.
Fixed Assets: It is an asset of a company, whether tangible or intangible, which can
not become liquid short-term and are usually necessary for the operation of the
company and not intended for sale.
Accumulated Depreciation: Is the total amount of the devaluation that took over a
business over the life of each asset. Usually, a company must record depreciation
expense each month, then the depreciation expense becomes part of accumulated
depreciation to track the total depreciation.
LIABILITIES: The liability is debt that the company has, as reflected in the balance sheet
comprises the current obligations of the company are rooted in past financial transactions.
Accounts Payable: Accounts Payable arising on the purchase of material goods
(inventories), services received, expenses incurred and acquisition of fixed assets or
investments in hiring process.
Taxes Payable: Taxes are benefits today usually money, the state and other public
entities, that they claimed, by virtue of its coercive power, in the form and amount
determined unilaterally and without special consideration in order to meet the needs
collective.
Wages Payable: It is the account where the debts incurred by the company to its
employees and should be paid in a stipulated time period is recorded.
Notes Payable: Is the account where the documents certifying transactions such as
buying real estate or equipment, goods, and other documents replace some of these
debts on open account such as letters, notes and other recorded depending on who is
this account should be separated.
STOCKHOLDERS' EQUITY: The set of produced goods used to produce other goods.
Capital in financial sense is all money that was not consumed by its owner, but has been
saved and placed in the financial market, either buying stocks, bonds, public funds, or
making deposits in depository institutions.
Common Stock: Registered common shares, representing the capital of the true
owners of society; because they are the ones with deliberative power.
Retained Earnings: The balance of this account at the time of the initial adjustment
must be compared with the balance of the account Accumulated at the same date; the
debtor is a restriction on the payment of dividends in cash and shares.
Revenue: The company receives money or born receivables in its favor, it will effective on
the dates stipulated. Income occurs when business assets increases and this increase is not
due to new members' shares.
Sales returns and allowances: The account records the value of the returned goods
or bonuses given or made by customers; increases by debit, the record is of the form.
Expenses: In an industrial, commercial or service provision business to function normally
finds it unavoidable to acquire certain goods and services such as: labor, electricity,
telephone, etc.
Cost of Goods Sold: The cost of sales is the cost incurred to sell an asset, or to
provide a service. It is the value that has been incurred to produce or purchase a
commodity to be sold.
Depreciation Expense: Depreciation expenses are periodic savings going by a
company to the end of the life of an asset, the company has a save to renew the asset
(buy one later).
Payroll Tax Expense: These taxes are business expenses and are recorded as debits
to expense account, up to this point the description of payroll taxes has been linked
to taxes that are required to pay employees and withholding on their wages.
Rent Expense: This account represents the obligation of the company to pay bills,
leases, and other equipment at the time they become due.